Over the past few months, the market has changed. In January conditional offers were rarely seen let alone accepted but now we’re seeing that conditional offers are finally coming back! With this shift adding more money to your offer isn’t necessarily the most effective way to be accepted. To help you craft the best offer possible, here are a few creative options that may end up saving you money:
Deposit – If you’re able to offer more towards your deposit, it shows the sellers that you’re serious and less likely to forfeit a higher deposit and refuse to close when the time comes. Offering a higher deposit might not change the total amount of money you’re spending on the property, but it does show a high commitment to close. This will give the seller peace of mind and strengthen your overall offer.
Closing Date – Accommodating the seller’s preferred closing date can make a big difference. While this isn’t always possible, if your offer is the only one able to work with the timing, making it a smoother transition, it might just help push your offer to the top. Whatever makes the lives of the seller easier can undoubtedly give you a huge advantage when you’re competing with a similar offer.
Conditions – There are many reasons why including the right conditions can make or break your success in the real estate market. Conditions are incredibly important to protect your interests, however, if you are in a position to submit a firm offer, it can certainly help bump you to the top of the list. Now, of course, you won’t always be able to do this as you may need a financial condition or a home inspection. But, if you are submitting an offer on a property with no obvious cause for concern, a form offer may just help you win.
Letter – Depending on the seller, including a personal letter with your offer may actually swing things in your favour. If the property is being sold by an investor, this tactic won’t get you anywhere but if the current owners have lived in the home for a long time, it may in fact be a big help. Selling a home can be a very emotional process, sentimentality may tug at the seller’s heart strings, so providing a glimpse at who you are and how you’ll treat the home could provide the confidence the sellers need to accept your offer.
There are many different parts to an offer other than the price. As we move from a hot seller’s market to one where the highest offer isn’t always the best, hopefully these tips can help you get the deal and save money in the process.